Wealth One Bank limited time GIC offer | Wealth One Bank of Canada | Discussion forum

rodeworthy said
In celebration of the 2022 Mid-Autumn Festival, Wealth One Bank of Canada offers a limited-time GIC special promotional rate* on 1 to 5 year terms.

Terms 1 year 2 year 3 year 4 year 5 year
Rates 4.68% 4.88% 5.08% 5.08% 5.18%

Purchase a 1-5 year term GIC any time from September 19 to October 30, 2022.  

So my take on this is that all GICs, from all FIs, are "limited-time" promotional rates. That is, any rate can be changed at any time, by any FI. So I'm putting forward this idea: Wealth One should occupy, at least until October 30, top spot in the GIC chart. They are exceptional rates, and they should be acknowledged as such on the chart...perhaps putting pressure on other FIs in the process. Peter, any thoughts?

lovejennifer said
Do you know if there's a minimum deposit amount required?

According to 2022 Mid-Autumn Festival Promotion, there is a $1,000 minimum:

Terms and conditions apply. This special GIC Rate Offer is available only until October 30, 2022. Applications and funds must be received on or before the deadline. A minimum investment of $1,000 is required for this promotion. Only applies to personal accounts. All GICs are non-redeemable. Wealth One Bank of Canada, in its sole discretion, reserves the right to modify or terminate this Offer at any time, without notice. Rates are subject to change without notice. For GICs with a term of more than one year, interest is paid through one of two options of your choice 1) interest is compounded on each anniversary date of the GIC and then paid on the maturity date; or 2) interest is paid annually to the savings account opened for you on your behalf. For terms of one year or less, simple interest is calculated and paid at maturity. Deposits are eligible for Canada Deposit Insurance Corporation (CDIC) insurance. Offer applies to registered and non-registered GICs. …

5.18... now THAT's interesting. But not enough to get me back to them, and I'm all locked in at 5% for the next year.

Why so hungry for deposits?
RetirEd

I wouldn't read too much into this. WealthOne has a good promo twice a year - mid-Autumn Festival (Chinese) and Chinese New Year.
Last year's mid-Autumn Festival rate for five years was 2.88%, which was the highest offered that year until mid-late December if I remember correctly.
I wouldn't expect others to necessarily follow suit, although they might, but, if they do, it will be for their own reasons, not because of what WealthOne is doing.

HermanH said
Holy crap. Either they are too busy to answer phones or can't be bothered. Their message system is entirely filled and won't even allow you to leave a message!  

Wealth One message system overload is probably due to Wealth One offering the highest rates for 2 to 5 yr GICs which in turn has resulted in a lot of new clients and huge demand for their GICs.

Further note, Wealth One is closed on week ends.

Personally, I'm looking at the 5-yr rate of 5.18% and 4-yr for 5.08%

I've noticed that there has been very little movement in the longer-term rates (most of it downward.)

Media noise about people selling out of stocks, people noticing GICs with current rates, so there's more demand, i.e. rates go down. Also has to be a place to put these deposits, maybe demand for mortgage money not as robust.

lifeonanisland said:

So my take on this is that all GICs, from all FIs, are "limited-time" promotional rates. That is, any rate can be changed at any time, by any FI.

Hmmm... lifeonanisland, were you thinking that this meant the GIC rate could be changed DURING the term of the deposit? That is definitely not the case. Once one buys the instrument, its terms are locked.
RetirEd